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South Korea's Store Sales Rise 7.7%

Updated May 13, 2002 5:40 a.m. ET

South Korean department-store sales rose 7.7% on year in April, slowing from a 16.7% jump in March, as stabilizing real-estate market prices led many Koreans to spend less, the Ministry of Commerce, Industry and Energy said Monday. Discounts offered by many department stores during April did little to increase spending from March. "We see signs of stabilization in domestic spending," the commerce ministry said in a statement. The South Korean economy grew 3% in 2001 largely on the strength of Koreans' domestic retail consumption. Including April, Korean department-store sales have increased on year for 10 straight...